Friday's Deep Creek Price Change Spotlight

This week we profile another real estate price change on Marsh Hill Rd; this one at 1549 MARSH HILL Rd. Originally listed back in Sept 2010 for $998,500; now listed at $899,000. In 2006, the current owners purchased the property for $920,000.

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After 1516 days on the market is it really still "new" construction?

Here we have 255 FANTASY Ln MC HENRY, MD 21541 built in 2007 and still listed as new construction after 1516 days on the market. And, oh by the way, the price was recently reduced again (from $849,900 to $629,900 to $599,900). Property was originally listed for at least $899,900.

According to p. 205 of this link, apparently the current owner (RIGALCO LLC, which appears to be a shell company for an Annapolis-based general contractor and his business partner) is well behind on the property taxes and the property may be sold by the county to collect the debt.

Property #: 257
RIGALCO LLC ELECTION DISTRICT NO. 18 ACCOUNT NO. 18085135
All that parcel of land assessed to the above in Tax District No. 18, known and designated as Lot 12 on the plat of Phase IX-A Fantasy Valley recorded in Plat Book DKM 3, page 265, containing 0.47 acre, more or less, and described in deed from D. C. Development, LLC to Rigalco, LLC dated November 10, 2006, and recorded November 14, 2006, in Liber No. 1266, folio 89, one of the Land Records of Garrett County, Maryland.
State and County Real Estate Taxes Due for 2009-10 and 2010-11
Total Amount of Taxes $15,023.36
DOI Penalty $ 0.00
Cost of Sale $ 146.00
Sanitary $ 0.00
Total as of the Day of Sale $15,169.36
Assessment $597,930.00

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

Friday's Deep Creek Price Change Spotlight

Been away from the blog for a while. So long in fact that readers are demanding updates, so as a faithful blogger I have no choice but to deliver.

This week 2651 MARSH HILL Rd finds itself squarely in the Deep Creek price change spotlight. Originally listed Aug 20, 2010 for $1.479 million; reduced to $1.379 million on Jun 23, 2011. The current owners purchased the property for $1.4 million in 2005.

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Friday Price Change Property Sale Closes

You may remember that 72 EYEOPENER Ln made headlines on this blog back in April after a measly $100 price cut. Shortly thereafter the price was reduced by an additional $199,900 and I indicated that I would not be surprised if the price had to go lower to get the property sold. Well, as the title of this posting suggests and Redfin shows, the property has now sold; final selling price, $1.1million, $200,000 less than the most recent list price and $399,900 less than the price I mocked after the $100 price reduction.

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Friday's Deep Creek Price Change Spotlight

Just as we saw more evidence of distress in the condo/townhouse segment of the Deep Creek real estate market, 24 HOOPPOLE Ct Unit B-6 experiences another price reduction. This is now the fourth price reduction since the property was listed for sale last May. The new price is $279,900, $70,000 less than last May's list price and more than $100,000 less than the 2005 purchase price. Another seller looking at quite a big loss. When you consider all the real estate agent propaganda about ever-rising prices and promises of paying for a child's education with vacation home equity you really have to feel for some of these people affected by the dramatic downturn in the market since local real estate agents called the bottom (or near bottom) more than three years ago on March 10, 2008.

This property has one of the lowest prices relative to the 2005 purchase price that we've seen, so I wish these sellers the best of luck on a quick sale and a chance to move on from this unfortunate investment.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

2011 Short Sales

Updated June 8, 2011

Sold (4)

LOT #81 MOUNTAINTOP Rd: 2011 sold price: $70,000, listing suggested it was priced $100,000 below true market value. Somehow I'm skeptical. If that were the case why weren't buyers lining up to pay even $50,000 less than market value.

1835 MARSH HILL Rd: 2011 sold price: $675,000; 2005 sold price: $875,000.

321 TREE TOP Way #76: 2011 sold price: $420,000; previous sale was $95,000 for the lot.

199 UPPER HIGHLINE Dr: 2011 sold price: $650,000, another former DC Development LLC property gone bad. Seller (was it the bank or previous owner?) also contributed a $19,500 seller subsidy. Original 2007 list price was $1,099,900. Previous "owner" same as another active short sale listings at 342 Lakefront Links and an inactive, previously-listed, short sale at 335 Waterfront Greens - Morgantown-based LLC.

Active (9+)

200 KENDALL CAMP Cir: listed in 2009 at $689,900 as the owners of less than two years were looking to flip the property to make a quick profit, less than two years later the list price has been reduced to $534,900 - well below their 2008 purchase price of $610,900 - and the listing reclassified as a short sale. Read more in this Deep Creek property profile.

438 MALACHI Way: listed in 2009, relisted in 2010, now listed as a short sale in 2011.

105 HAILEE'S Ln: listed in 2008 for $1,200,000; several price changes and nearly three years later, now listed as a short sale with a list price of $722,500. If someone had bought this house on the advice of local real estate agents in 2008 and wanted or had to sell the property today, they would be looking at an investment loss of approximately $1/2 million. Big commissions for agents, big investment losses for those who took their advice. Consider that next time you consider taking their advice.

164 SUSANS Way, price reduced April 10th.

19 BRIDGEVIEW Ln: previously a pending short sale, now back on the market, current list price: $435,000; 2009 list price: $549,900.

634 NORTH RIDGE Rd.

135 JEFFREY Ln Unit 19-A.

70 PARKSIDE SOUTH Ct: current list price: $975,000; prior list price: $1,295,000; 2006 sold price: $1,275,000 (sold by DC Development LLC to couple from Potomac, MD).

342 LAKEFRONT LINKS Dr: current list price: $825,000; original 2008 list price: $1,199,900. Now listed as a foreclosure.

Pending (3)

252 PARADISE HEIGHTS Dr: pending short sale, current list price: $995,000; prior list price: $1,195,000; 2005 sold price: $1,259,000. Listing mentions that property is turn key with rental income. So here's my question, if the current owner is collecting rental income why is this a short sale where someone other than the current "owner" is taking the investment loss (potentially even you and me)?

38 SHINGLE CAMP Ter: pending short sale, current list price: $999,000, 2006 sold price: $1,307,000. Reduced by $300,000 on September 17, 2010.

111 ROCK RIDGE Ln #10: pending short sale, current list price: $289,900, 2005 sold price: $358,900.

And there are more active short sales that I will track down as time permits. Another question to ask is how many of these sellers are hiding or diverting assets in order to get their short sales approved?? Otherwise, we'd have to assume all of these sellers are essentially insolvent and have no liquid assets that the banks/GSEs could recoup to offset their losses.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

Previously profiled property reduced again and now listed as a short sale ..

click to see listing for 200 KENDALL CAMP Cir and here to see our most recent post on the same property. What a change a few years makes. Back in 2009 when the property was first listed for sale at $689,900 the owners of less than two years were looking to flip the property to make a quick profit. Now less than two years later the list price has been reduced to $534,900 - well below their 2008 purchase price of $610,900 - and the listing reclassified as a short sale.

If nothing else, these events certainly make the comments made by a misguided reader (obviously a local real estate agent) back in January 2009 look even more foolish in retrospect.

".. that a Kendall Camp unit recently transferred just a few weeks ago in December 2008 for $940,000. It was on the market for 61 days. Apparently it turned out to be a great time to buy for the people who bought the Kendall Camp unit you reference earlier this year for $725,000. The value of their unit just went up $215,000 in less than 6 months!!"

Read the full exchange by clicking here.

Read more from Dan's Deep Creek Blog on the Kendall Camp community at the following links:
Deep Creek Kendall Camp 1
Deep Creek Kendall Camp 2
Deep Creek Kendall Camp 3

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Another big Deep Creek townhouse price reduction

1692 DEEP CREEK Dr #19 reduced to $229,900 from $275,000. At one time this Deep Creek townhouse was listed for as much as $359,900. Interestingly, this property is in the same Sunplace community where back in 2007-2008 the listing agent was confident he could sell his own renovated townhouse for at least $400,000; last year, after three years of going on and off the market, that listing sold for $290,000. This case might provide some insight into the genesis of the inflated Deep Creek list prices that tend to creep down over time: agents who also own Deep Creek real estate dramatically overpricing their own listings based on the faulty assumption that Deep Creek real estate is always in high demand.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Friday's Deep Creek Price Change Spotlight

This week in the Deep Creek price change spotlight we find further evidence of sellers struggling to sell their Deep Creek townhouses. On June 1st, the list price of 3 LAKEVIEW Ct was slashed another $16,000 to $249,000. The current out-of-state owners purchased the property in 2005 for $310,000 ($61,000, and about 25%, more than the current list price).

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Friday's Deep Creek Price Change Spotlight

This week's property in the price change spotlight is 2539 MAYHEW INN Rd. Though the price change is on the small side ($15,000), the new list price ($624,900) is now less than the 2006 purchase price ($630,000). The property is being sold as a turnkey rental. Once again, my suspicion is that this vacation rental didn't turn out to be the investment the current owners thought it would be (or someone told them it would be).

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Friday's Deep Creek Price Change Spotlight

Another twist this week in the Deep Creek Price Change Spotlight, as 126 HIGH ROCK Ln comes back to the market as a foreclosure. After selling for $600,000 in 2007, the property was originally listed in 2009 and then re-listed last year as a potential short sale. A host of price changes later, the list price is all the way down to $474,900 as the bank tries to unload the property and lock in their losses. Assuming the property sells at list price, that's another example of a 20% decline in market value over the last 4 years.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Friday's Deep Creek Price Change Spotlight

Another property from the 2010 Deep Creek Distressed Properties List finds its way back into the Deep Creek Price Change Spotlight. This week 78 CLUBHOUSE Dr, which was already exhibiting signs of distress, saw its price reduced by another $30,000. For those who might recognize the address, you'll realize that this is also another example of the continuing distress in the Waterfront Greens community. In 2005, the current owners purchased the property for $589,000; today, the list price sits at $459,000 and is fast approaching the 2004 sold price of $400,000. In the meantime, the current owners have been trying to sell the property for more than three years (listed in 2008, relisted in 2009, relisted in 2010, two price changes already in 2011).

On another note, the listing indicates the price is more than $100,000 below the January 2011 assessed value. Well, if you've heard "The Rent Is Too Damn High" rant from last year's NY Governor's race, you might be inclined to think a "The Assessment Is Too Damn High" parody is in order here.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

A cautionary tale from the list of 2011 Deep Creek short sales ..

105 HAILEE'S Ln: listed in 2008 for $1,200,000; several price changes and nearly three years later, now listed as a short sale with a list price of $722,500. If someone had bought this house on the advice of local real estate agents in 2008 and wanted or had to sell the property today, they would be looking at an investment loss of approximately $1/2 million.

Moral of the story: big commissions for agents, big investment losses for those who took their advice. Consider that the next time you consider taking their advice.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Apparently the sellers of one property in the Deep Creek Price Change Spotlight ..

realized that their measly $100 Deep Creek price reduction wasn't going to get it sold. Today, just 10 days removed from being featured in the Deep Creek Price Change Spotlight, they appear to have gotten more serious as they've reduced the price by another $199,900. That's more like it; still, I wouldn't be surprised if they have to go even lower to get it sold.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.

Friday's Deep Creek Price Change Spotlight

After several weeks of picking out the most dramatic price cut of the week, this week we chose to go in a different direction - the most ridiculously small price cut of the week. And that award goes to 72 EYEOPENER Ln which saw a price reduction of a measly $100 this week. That's right, after being listed three times since 2009 and being on the market for six months at a list price of $1,500,000 the price was reduced to $1,499,900 (reduced by 0.0067%, less than 1/10th of 1% and less then 1/100th of 1%). I'm sorry, but they must have been trying to be in the Deep Creek Price Change Spotlight (if so, they got their wish).

With the extra publicity brought on by this posting, I'm sure that $100 is really going to bring the buyers flocking. They were all sitting on their hands waiting for that $100 reduction that could cover the cost of a single tank of gas in their large SUV.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

Friday's Deep Creek Price Change Spotlight

This week's highlighted property comes with an interesting twist (and it's no April Fool's Joke either). Not only is the price change a dramatic one, but the seller is also a bit of a surprise. 2834 STOCKSLAGER Rd was delisted on March 27th and relisted March 29th for $1,299,000. In between, the price decreased by $250,000 (a cool quarter million). The seller, a local bank and trust. So you might ask, why are they selling now? Good question. Several possibilities come to mind: (1) raising capital, (2) rental income below expectations, (3) executives can no longer justify owning a luxury residence to shareholders, (4) locking in a profit before possible changes to tax and accounting rules, (5) no longer interested in managing a rental property, (6) believe market is in decline and will not get a better price in the future? I'm just brainstorming and speculating here, but can anyone come up with other possibilities?

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

To Quote Rebecca Black, It's Friday, Friday ..

and that means it's time for another week's edition of the Deep Creek price change spotlight. This week's spotlight is focused on a property in the Kendall Camp community that we've previously profiled and is none other than 200 KENDALL CAMP Cir. Originally listed in 2009 for $689,900, now priced at $584,900. The current list price is also below the price the current owners paid for the property back in 2008. Listing indicates established rental history. After 444 days on the market and price reductions already totaling $105,000 (or more than 15% of the original list price), that rental income might be the only thing keeping this reluctant landlord afloat.

Also notice that the link to the previously profiled Kendall Camp property shows that it was delisted without selling (even after significant price cuts). Add another to the growing list of properties moving from active inventory into the Deep Creek shadow inventory.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

Deep Creek Price Change Spotlight

This week's property in the spotlight is 757 MARSH HILL Rd MC HENRY, MD 21541. Maybe the current owner of this property finally stumbled onto this blog. After more than 625 days on the market, the asking price was reduced from $1.1 million to $999,900 this week (below the price paid by the current owner in 2006). If the current owner had been following this blog he would have known he had to reduce his asking price many months ago.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

Distress in the Blakeslee at Deep Creek Lake?

Yes, the same Blakeslee referred to as "one of the premier neighborhoods at Deep Creek Lake for a long time now" by another Deep Creek real estate blog. Here we have 157 MIDDLETON Rd OAKLAND, MD 21550 which has been reduced in price by nearly $100,000 since last spring and is now priced below the price the current owner paid in 2007. Now, not far from the 2006 selling price. Stay tuned, it appears not even "premier" communities are immune to the downturn.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.

Deep Creek Distressed Properties (2010 edition) ..

Updated as of December 31, 2010

List created in response to real estate agent claims that distressed properties were "few and far between." Some properties have sold below 2004 prices, despite claims in 2007 and 2008 that the local market was "well and improving daily" and that property values were still rising and in 2009 that properties were holding "value." See some of these statements at the bottom of this posting.

ACTIVE

2221 DRY RUN Rd: foreclosure.

268 LEHMAN Ln #41: current list price: $559,000, 2007 sold price; $565,000. Based on other sales, this is probably even an optimistic price point.

84 WHISPERING Way: current list price: $575,900, price reduced more than $250,000 since this new construction property was first listed in July 2010.

64 POND Ct: current list price: $549,000, reduced by $109,100 on September 21, 2010. More signs of distress in Lakefront Links/Waterfront Greens.

24 HOOPPOLE Ct Unit B-6: current list price: $314,900, 2005 sold price: $380,000. A lot of searches on this one.

257 MARSH HILL Rd #13: current list price: $314,000, 2005 sold price: $355,000.

93 RIDGE VIEW Ct: current list price: $499,000, original list price: $775,000, days on market: 1258 (nearly 3 1/2 years).

950 GLENDALE Rd: current list price: $825,000. Listed or relisted 4 times since 2007, priced more than $150,000 less than fall 2009.

105 HAILEE'S Ln: current list price: $850,000, original list price: $1,200,000.

360 PRITTS Rd: current list price: $479,000, 2007 sold price: $500,000. Lakefront and listed or relisted five times since 2008. Reduced by $20,000 on September 21, 2010.

486 HAZELHURST Ln: current list price: $649,000, 2006 sold price: $799,000. Bank owned lakefront. Delisted September 3, 2010. Relisted September 9, 2010. Reduced another $50,000 on September 29, 2010.

257 MARSH HILL Rd #2: short sale, current list price: $275,000, 2006 sold price: $319,000. "VERY MOTIVATED SELLER, WILL CONSIDER ALL REASONABLE OFFERS!" Reduced by $24,900 on September 17, 2010.

321 TREE TOP Way #76: short sale.

1758 PIGS EAR Rd: current list price: $99,900, 2007 sold price: $119,900.

40 SUNSET Rdg: short sale, land. Reduced September 8, 2010, October 14, 2010, December 1, 2010.

850 NATIONAL Pike: foreclosure. Reduced September 7, 2010.

46 LAKEFRONT LINKS Dr: Current list price: $399,900, June 2010 list price: $499,900, just reduced $100,000. Agent-owned, Waterfront Greens.

47 LAKEFRONT LINKS Dr: Current list price: $319,900, June 2010 list price: $409,900, just reduced $90,000. Agent-owned, Waterfront Greens.

48 LAKEFRONT LINKS Dr: Current list price: $309,900, June 2010 list price: $409,900, just reduced $100,000. Agent-owned, Waterfront Greens.

50 WATERFRONT GREENS Dr: Current list price: $299,000, June 2010 list price: $399,000, just reduced $100,000. Agent-owned, Waterfront Greens.

1529 PARADISE POINT Rd: current list price: $399,900, 2007 sold price: $395,000. With price cut September 3, 2010, the current owners appear to be slowly accepting reality (think current prices versus 2007 prices).

198 PARADISE ACRES Rd: current list price: $295,000, 2006 sold price: $310,000. Another $5,000 price reduction on top of the $10,000 price reduction on July 9, 2010 which moved this property from on the verge to actively distressed.

264 SANDY BEACH Ln: current list price: $1,289,000, 2008 sold price: $1,400,000 (2008 list price: $1,775,000). This one apparently turned out to be an expensive two year rental for a Pittsburgh area surgeon (add up all the transaction costs, negative equity, mortgage payments, association fees and divide by the number of months owned to see what they really paid per month to "rent" this property). Reduced by another $100,000 on August 30, 2010.

116 TEABERRY RIDGE Rd: short sale.

752 WISP MOUNTAIN Rd Unit 6B: current list price: $479,000, 2005 sold price: $499,000. Previously listed in 2008 and in 2009. Five price cuts since being relisted in March 2010. Another former DC Development LLC property. Built on a clear-cut mountaintop, used as tax writeoff, currently owned by downstate LLC - sound familiar?

247 HERRINGTON MANOR Rd: short sale.

4897 ROCK LODGE Rd: current list price: $60,000, 2004 sold price: $68,500.

218 MIDDLETON Rd: current list price: $599,000, 2005 sold price: $600,000. Current listing agent was buyer and seller's agent in 2005 transaction. He's practically making a career out of selling and re-selling this property.

256 JEFFREY Ln #28: current list price: $299,000, 2004 sold price: $295,470. Just reduced from $330,000. This one looks like another certain investment loss for some downstate folks when you factor in association fees ($185/monthly), transaction costs, etc.

78 CLUBHOUSE Dr: current list price: $499,000, 2005 sold price: $589,000. Another in Waterfront Greens. Listed three times since 2008.

929 DEEP CREEK Dr: current list price: $725,000, 2006 sold price: $750,000. 2008 list price: $1,329,000. Agent is partial owner.

72 WATERFRONT GREENS Dr: current list price: $109,000, 2008 list price: $139,000. Agent-owner offering to pay first year of buyer's mortgage interest. Listing describes Waterfront Greens as ever-popular (the community has certainly gained popularity on this list as 3 others are listed below). Use Ctrl-f to search 'Waterfront Greens' to quickly find the others.

73 KENDALL CAMP CIR Rd: current list price: $825,000, 2007 sold price: $939,900. Another distressed property in Kendall Camp and former DC Development LLC property. The current owners (from Potomac, MD) had initial mortgage balances of approximately $840,000 and a down payment of approximately $100,000. By the time this sale is completed, they will almost certainly have lost the entire down payment and more (including agent fees and transfer costs), so much for those great returns on investment some local agents were touting in 2007 and 2008. By my math that would be a negative return on investment of greater than 100%.

75 BOULDER RIDGE Dr: current list price: $989,900, 2007 sold price: $1,075,000 (2007 list price: $1,295,000), 2004 sold price: $851,700. In this case, apparently the 2007 cash buyer is having second thoughts about this "investment." Another interesting point on this property is that the previous owner is also the co-owner of a local real estate firm. You probably noticed that he was willing to sell for significantly less than list price back in 2007 when agents were telling the rest of us how prices were rising and Deep Creek real estate was the best investment around. Could he see what the future held?? Certainly makes you wonder.

199 UPPER HIGHLINE Dr: short sale, another former DC Development LLC property gone bad. Same current "owner" as 335 Waterfront Greens and 342 Lakefront Links - Morgantown-based LLC.

342 LAKEFRONT LINKS Dr: short sale. Same current "owner" as 199 Upper Highline and 335 Waterfront Greens - Morgantown-based LLC.

109 NORTHGLADE HILL Dr: short sale, current list price: $329,000, 2007 sold price: $375,000. Current listing agent was buyer and seller's agent in 2007 transaction. One might guess that he's been thrilled by his own return on this investment.

257 MARSH HILL Rd #17: current list price: $299,900, 2004 sold price: $320,000.

60 BRIGHT Psge #60: current list price: $379,000, 2007 sold price: $417,000.

50 FASTING Ct: current list price: $549,900, 2006 sold price: $602,880.

200 KENDALL CAMP Cir: current list price: $599,900, 2008 sold price: $610,900, former DC Development LLC property.

2544 STATE PARK Rd: current list price: $798,000, 2007 sold price: $799,900.

1 LITTLE DIPPER Ln: short sale, land, former DC Development LLC property.

565 GLENDALE Rd #312: short sale.

65 BROBST Rd: short sale.

SOLD

129 WALNUT St: December 16, 2010 sold price: $19,000; foreclosure.

213 11TH St: December 16, 2010 sold price: $150,000, 2006 sold price: $169,000.

1250 PERGIN FARM Rd: December 3, 2010 sold price: $500,000; recent list price: $539,000; 2005 sold price: $570,000. Listed or relisted three times since 2009.

2576 FINGERBOARD Rd: November 24, 2010 sold price: $13,000; foreclosure.

119 7TH St SOUTH: October 14, 2010 sold price: $85,000; foreclosure.

1104 ALEXANDER Ln: September 30, 2010 sold price: $275,000, 2008 sold price: $309,000.

914 STOCKSLAGER Rd: September 24, 2010 sold price: $1,024,500, 2006 sold price: $1,220,000. Listed or relisted four times since 2008.

1692 DEEP CREEK Dr #29: September 1, 2010 sold price: $290,000, 2006 sold price: $295,000 + renovation cost, formerly agent-owned. Owner previously told me that he was confident this property would sell for $380,000+ and indicated that it was a good investment. Delisted July 27, 2010 (952 days after it was originally listed in 2007). Agent-owner sold at a loss relative to 2006 cost basis and ate renovation costs as well.

5 NORTH RIDGE Ct: October 18, 2010 sold price: $370,000; prior list price: $399,000, 2004 sold price: $438,900.

234 BEN DEWITT Rd: November 5, 2010 sold price: $122,000; foreclosure.

93 BRENNEMAN Ln: October 12, 2010 sold price: $550,000; foreclosure, former DC Development LLC property. Price reduced June 15, 2010, July 10, 2010, and again on August 6, 2010. We have followed the history of this property going back several years now to when things were reportedly "well and improving daily" in the Deep Creek real estate market.

3195 TURKEY NECK Rd: December 17, 2010 sold price: $1,175,000; prior list price: $1,199,000, 2005 sold price: $1,200,000.

603 OAK St: August 23, 2010 sold price: $69,000; foreclosure.

2491 SHADY DELL Rd: October 6, 2010 sold price: $24,000; foreclosure.

543 PYSELL CROSSCUT Rd: September 29, 2010 sold price: $142,000; short sale.

254 WINDING TRAIL Ln Unit 7B: August 31, 2010 sold price: $415,000, 2008 sold price: $435,000.

273 CIRCLE FOUR Ln: bank owned, foreclosure. Delisted July 31, 2010, sold September 7, 2010 for $220,000.

734 SOUTH BLAKESLEE Rd: November 10, 2010 sold price: $510,000; prior list price: $569,900; October 2009 list price: $695,000.

13 WINDING Way: July 2010 list price: $249,999, 2004 sold price: $285,000, over 500 days on market. Pending sale as of July 23, 2010. August 23, 2010 sold price: $240,000 or $45,000 less than the 2004 sold price. Listing indicates new deck, so the total loss on this one could be significantly more than $45,000.

12 SKI HARBOR Dr #12: August 6, 2010 sold price: $360,000, 2007 sold price: $400,000.

164 HAZELHURST Rd: July 16, 2010 sold price: $600,000, 2002 sold price: $570,000 (2009 list price: $889,000). After paying transaction costs, 8 years of property taxes, and finally a real estate agent to market the property this former owner sells this exclusive lakefront lot for less than his 2002 cost basis (i.e. negative return on investment since 2002). Nearly a decade after the lot was purchased, no investment gain. Obviously this is only one property, but it certainly stands in stark contrast to all those promises of great investment returns we were hearing just a few years ago.

668 WALNUT Dr: short sale.

632 BROBST Rd: foreclosure.

662 WATERFRONT GREENS: June 25, 2010 sold price: $835,000; 2008 list price: $1,389,000. Formerly agent-owned, previous history profiled here.

1342 STOCKSLAGER Rd: 2010 sold price: $1,150,000, 2007 sold price: $1,525,000.

91 BOULDER RIDGE Dr: foreclosure. Sold at about 85% of 2004 selling price.

44 JRS Dr: $12,390 seller subsidy, 2010 sold price: $413,030, 2005 sold price: $420,000.

1692 DEEP CREEK Dr #3: short sale, 2010 sold price: $309,000, 2005 sold price: $380,000.

768 FISH HATCHERY Rd: foreclosure.

4456 NATIONAL Pike: foreclosure.

1448 PYSELL Rd: short sale.

4488 GORMAN Rd: foreclosure, sold price: $90,000, 2009 list price: $185,000.

219 DINKY TRACK Rd: foreclosure.

IN LIMBO

38 SHINGLE CAMP Ter: short sale, most recent list price: $999,000, 2006 sold price: $1,307,000. Reduced by $300,000 on September 17, 2010. Short sale pending.

2087 STOCKSLAGER Rd: most recent list price: $575,000, original list price: $698,750. Listing says "reduced from $599K to $575K thru 12/31/10. Must close by the end of 2010 for this price," as if the price is mysteriously going to rise if it has not sold by the end of the year. I hope no one falls for this joke. Delisted December 31, 2010.

915 DEEP CREEK Dr: recent list price: $650,000, 2005 sold price: $700,000. Delisted December 28, 2010.

2 STILWATER Dr: seller offering to hold first mortgage, recent list price: $799,000, 2005 sold price: $865,000. Reduced another $25,000 on August 30, 2010 - now $130,000 less than August 2009 list price. Delisted December 13, 2010.

8 PHEASANT RUN Rd: short sale, land. Delisted December 12, 2010.

209 HIDDEN VALLEY Ln: most recent list price: $220,000, original list price: $315,000, 2003 sold price: $195,000. After 1000 days on the market, list price is approaching 2003 sold price. Delisted November 30, 2010.

611 MARSH HILL Rd #1: most recent list price: $1,185,000, 2008 sold price: $1,325,000. Delisted November 30, 2010.

20899 GARRETT Hwy: recent list price: $465,000, 2006 sold price: $475,000, list indicates motivated seller, bring all offers. Price reduced August 21, 2010 moving this listing from the "on the verge" list to the actively distressed list. Delisted November 25, 2010.

188 MEDALLION DRIVE Rd: short sale. Delisted November 24, 2010.

19868 GARRETT Hwy: most recent list price: $598,800, 2002 sold price: $600,000. Recently priced below 2002 sold price. Delisted November 22, 2010.

115 WOODLAND Way: most recent list price: $279,000, 2005 sold price: $295,000. Delisted November 19, 2010.

335 MOUNTAIN VIEW Dr: most recent list price: $588,900, 2006 sold price: $675,000. Delisted November 18, 2010.

584 OLD WILSON: short sale, land. Delisted November 2, 2010.

788 FOXTOWN Rd: recent list price: $297,000, 2005 sold price: $329,900. Delisted October 28, 2010.

209 2ND St: short sale. Price reduced August 10, 2010. Delisted October 5, 2010.

1 MISTY MEADOWS Dr: foreclosure, Waterfront Greens. Price cut August 10, 2010. Price cut again August 30, 2010. Delisted September 26, 2010.

POLAND VISTA NORTH Ln: short sale, Thousand Acres. Delisted September 2, 2010.

3285 SHINGLE CAMP Rd: short sale, May 26 list price: $1,795,000, June 25 list price: $1,399,000, July 1 list price: $999,500. At this rate they'll be giving it away to the Farm Queen at the Garrett County Fair. Recently delisted.

335 WATERFRONT GREENS Dr: short sale, previously pitched by local real estate agent/blogger as property that had rental income (when others apparently did not - wow, can you imagine the distress those owners falling into the don't have rental income category must be in). Same current "owner" as 199 Upper Highline and 342 Lakefront Links - Morgantown-based LLC. Delisted September 10, 2010.

735 BIRCHWOOD Dr: short sale, current list price: $145,000, 2007 sold price: $182,000. Delisted July 20, 2010.

2491 SHADY DELL Rd: foreclosure. Delisted July 15, 2010.

126 HIGH ROCK Ln: short sale, former DC Development LLC property. "SELLER VERY MOTIVATED." Delisted July 7, 2010.

ON THE VERGE

65 POND Ct: Current list price: $139,000, 2008 list price: $179,000. Waterfront Greens. Agent-owned. Just reduced by $40,000 after nearly 800 days on market.

84 POND Ct: Current list price: $139,000, 2008 list price: $179,000. Waterfront Greens. Agent-owned. Just reduced by $40,000 after nearly 800 days on market.

91 KENDALL CAMP Cir Unit 7A: this one makes the list following a recent price reduction, something we have seen plenty of in Kendall Camp.

156 MISTY MEADOWS Dr: current list price: $459,000, 2008 list price: $599,900. This one makes the list due to the recent negative price action in Waterfront Greens. Agent-owned.

79 MARSH HILL Rd #5: current list price: $275,000, 2004 sold price: $249,900. Listed for the third time since 2007. We have previously covered the weakness in the Deep Creek townhouse/condo market.

219 MOUNTAINTOP Rd: current list price: $745,000, May 2009 list price: $949,000. Out-of-state owner is real estate agent. Another former DC Development LLC property.

388 BRANT Rd: current list price: $845,000, 2007 sold price: $840,000, recently reduced $54,000. Already underwater if you include transaction costs.

402 BRANT Rd: current list price: $849,900, 2007 sold price: $840,000. Already underwater if you include transaction costs. Recently delisted.

726 PINE TREE POINT Rd: current list price: $979,500, 2006 sold price: $960,000. Already underwater if you include transaction costs.

1511 MARSH HILL Rd: current list price: $749,000, 2005 sold price: $700,000. April 2010 list price was $835,000.

573 BECKMAN PENINSULA Rd: current list price: $525,000, 2005 sold price: $500,000. Price reduced $100,000 on July 15, 2010.

Many more ..

All of that and just 17 properties sold in May 2010 as Deep Creek inventory continues to build.

Judging by some of these price declines coupled with the level of overhanging inventory, there are many more for sale properties out there with unrealistic list prices which will likely be forced lower before a willing buyer steps forward and a sale is completed; thus, adding to the potential distress. As such, I'll try to update this list weekly. Stay tuned, more to come.

After reviewing the carnage, now review a few statements from local real estate agents over the past few years.

January 21, 2008: "Local developers realize that Deep Creek has always been in high demand and that prices will go back up this summer." Not exactly!

March 10, 2008: "I do not know if we are at the bottom of the real estate market yet, but we are close. Even if home prices continue to decline they will not go low enough to compensate for the increase in interest rates to come." Wrong on two accounts!

March 10, 2008: "Send me a thank you card in 5 years when you use the equity in your vacation home to help send your kids to college!" This one is laughable to the extent that it is stated as only a true used home seller and real estate daytrader/speculator could manage!

April 17, 2008: "Deep Creek Lake Vacation Rentals Still Going Strong." Oblivious.

May 16, 2008: "Why wait?" Because prices will be lower in the future!!

May 19, 2008: "Cyril Moulle-Berteaux of Traxis Partners LP recently reported in a May 2008 issue of the Wall Street Journal that that the real estate market has bottomed out and “The Housing Crisis is Over.”" I guess this one proves that you can find anything you want to find on the internet and that some of it is very wrong!

May 27, 2008: "Vacation Home Market Has It’s Own Set of Rules." “The continued demand by this segment (vacation home buyers) has driven up prices and values in our market even though other areas have seen price declines.” If only every would-be vacation home buyer got $3 million in stock options from Dick's each year.

January 15, 2009: "2008 Deep Creek Lake Area Real Estate Market Statistics." “The Deep Creek Lake area real estate market continued to show steady performance in 2008." Oblivious.

May 1, 2009: "Are We Turning the Corner?" Clearly, the correct answer was No!

September 3, 2009: "How is the Lakefront Real Estate Market at Deep Creek?" "Deep Creek lakefront properties have still continued to hold their value. " "The number of homes sold has decreased this year, but we are holding value. Now I know we are all talking about and hearing about all these price adjustments and decreases. Yes, we are seeing sellers drop prices, BUT, we are holding value. Home owners are not making as much on the re-sale of their property but they still have not dipped below the value they paid originally." Don't worry, prices aren't rising like we said they would, but, we are holding value. I know of quite a few sellers who would vigorously disagree!!

Buyer Beware!!

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.